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Investing.com -- Poland’s central bank announced plans on Wednesday to increase its gold holdings to 30% of its reserve assets, aiming to strengthen the country’s financial security.
The National Bank of Poland (NBP) said the timing and volume of gold purchases would be determined by market conditions.
"In these difficult times of global turmoil and the search for a new financial order, gold is the only safe investment for state reserves," NBP Governor Adam Glapinski said in an emailed statement.
Glapinski had previously indicated last week that he would propose a motion to the bank’s management board about raising the reserve target for gold to 30%.
The Polish central bank has significantly increased its gold purchases since Russia invaded Ukraine in February 2022. The NBP currently holds more than 515 tonnes of gold, which represents approximately 22% of its total official reserve assets.
The total value of the NBP’s foreign exchange reserves stands at more than 953 billion zlotys ($261 billion), according to the central bank.
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